Since my experience with the new Unreal Engine was limited I decided to follow some of the Quick Start Tutorials from Digital Tutors to try and get familiar with it. I only completed the first 2 volumes as I found the content a bit too basic but it was very helpful in helping me learn the correct process for importing and using assets. Here are some screen shots of my progress on the tutorials.
Overall I am very impressed with UE4 and will definitely try to use it for my project. I've been told that the university computers are not powerful enough to run it which could cause some issues if I want to use their Oculus Rift hardware, but I shall try to contact some lecturers to see if I can sort something out.